News

  Dubai / Emirates Business Emirates National Oil Company (ENOC) revealed plans to expand the capacity of its ENOC Processing Company (EPCL) Jebel Ali facility by 50 per cent. The expansion project comprises three separate packages at an estimated value in excess of US$1billion. The expected date for commercial production is Q4 of 2019. The main package of the project …

  Abu Dhabi / WAM The Abu Dhabi Water and Electricity Authority (ADWEA) and Abu Dhabi Water and Electricity Company (ADWEC) announced on Monday that six pre-qualified bidder consortia submitted proposals for the Solar PV Independent Power Project at Sweihan, in the Emirate of Abu Dhabi, following five months of bid preparations. The project will comprise, inter alia, the development, financing, …

  Dubai / Emirates Business The Middle East’s biggest ever hospitality event is set to launch in 2017 to support accelerated industry growth in the run up to Expo 2020. ‘Dubai International Hospitality Week’ – organised by Dubai World Trade Centre (DWTC) and dmg events – will bring together dmg’s The Hotel Show with the launch of DWTC’s GulfHost. The …

  Dubai / Emirates Business Paladion, a leading security services provider in the Middle East has said that the fastest-growing area of cybercrime has developed into a $1 billion-a-year industry complete with customer care departments set up to secure payments from victims of ransomware attacks. Cyberattacks using ransomware – a form of malicious software that allows criminals to encrypt personal …

  Brussels / AFP The EU launched an in-depth probe on Monday into alleged sweetheart tax deals between French gas group Engie and Luxembourg, taking on a major European multinational after similar high-profile investigations into US giants. “The Commission has concerns that several tax rulings issued by Luxembourg may have given GDF Suez (now Engie) an unfair advantage over other …

  London / AFP The European Union will make Brexit “very painful” for Britain, Slovak Prime Minister Robert Fico said in an interview published on Monday, adding that London was “bluffing” over its pre-Brexit negotiating power. “The EU will take this opportunity to show the public: ‘Listen guys, now you will see why it is important to stay in the …

Bloomberg European Union trade ministers are expected to clear up details to the EU-Canada trade agreement at a meeting on Sept. 23 in Bratislava, Slovakia, the bloc’s executive said. EU Trade Commissioner Cecilia Malmstroem and Canadian Trade Minister Chrystia Freeland “understand that some concerns remain that need to be clarified” in the Comprehensive Economic and Trade Agreement, or CETA, between …

  Washington / AFP The move to self-driving cars is coming faster than most people think, says the head of ridesharing giant Lyft. Within five years, autonomous vehicles will account for the majority of Lyft rides, says co-founder and chief executive John Zimmer. Lyft, which has a partnership with General Motors on autonomous vehicles, says he sees a “transportation revolution” …

  Bloomberg CFO Lending Ltd, a U.K. payday lender, must give back 34 million pounds ($44.4 million) to more than 97,000 customers because of unfair practices, including failing to assess the affordability of loans for clients, according to the U.K. markets regulator. CFO Lending was ordered to pay the compensation by the Financial Conduct Authority after an investigation showed the …

  Sydney / AFP An Australian-led consortium with Chinese investment won a 50-year-lease on Monday on the nation’s biggest container and cargo port for Aus$9.7 billion (US$7.3 billion), the latest maritime asset to be privatised. The Port of Melbourne, which deals with more than 3,000 ships annually, was snapped up by a consortium including Australia’s second-largest wholesale funds manager the …